Dakar, Senegal — MININGREVIEW.COM — 21 January 2010 – International gold mining and exploration company Randgold Resources Limited intends to invest US$300 million (R2.25 billion) in its Massawa project in Senegal.
The Massawa gold project, located in a hilly area some 700 km south-east of the capital contains more than 3 million ounces of gold, according to the firm’s website.
“Our chief executive speaks of investing US$300 million in the project,” Randgold Resources Senegal manager David Mbaye told Reuters, without giving details of an investment timetable, or when production might begin.
Mbaye said the company hoped to start building the mine next year. Late last year, Randgold said it expected Massawa to start up by 2013.
Randgold “’ an Africa specialist and the only pure gold producer in the FTSE 100 index “’ digs its metal at Loulo and Morila in nearby Mali, where it is also developing the Gounkoto project. As well as its plan to invest in Massawa, the firm is building the Tongon mine in Ivory Coast, which may pour its first gold in the fourth quarter of 2010.
In addition, the company says its Kibali deposit in Democratic Republic of Congo (DRC) is one of the largest undeveloped gold deposits on the continent.